A new report from Principal explores the major disruptors that appear to have the retirement industry "on the cusp of a major transformation that hasn't been seen since the introduction of the 401(k) in 1978."

The Principal Future of Retirement survey examines how both financial professionals and sponsors of employer retirement plans believe the retirement industry will develop by 2030. Disruptions shaping that forecast include:

• the aging workforce,
• an embrace of holistic financial wellness,
• the evolution of investments and advice, and
• the emergence of Gen Z.

Respondents to the survey said they believe the shortfall between how much money people need to make to retire comfortably and how much they have saved will remain a problem by 2030, pointing to challenges such as access, participation and workers "putting away too little too late."

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"To close the retirement savings gap, we must focus on more assertively adopting proven default solutions as well as driving behavioral and educational change that not only brings more people into the financial system but also gives them the tools and motivation to effectively save for retirement," said Chris Littlefield, president of retirement and income solutions, Principal Financial Group. "With increased financial barriers facing individuals saving for retirement, the need for holistic advice and support solutions has become paramount."